Jerry Lembcke writes at CounterPunch:
Writing for his October 25, 2013 New York Times column, Paul Krugman noted the attraction that apocalyptic scenarios had for American investors, policy makers, and economists. He named Alan Simpson and Erskine Bowles as “deficit-scolds” whose doomsaying has been overwrought, and he reprised a 2010 article by Alan Greenspan in which the former Chairman of the Federal Reserve warned that the national budget deficit would lead to soaring inflation and interest rates, trends that we have not yet seen.
Mr. Krugman is an economist so it is understandable that it would be the scaremongers in his own area of expertise that catch his attention. His concern that the “debt-apocalypse community,” as he calls it, includes powerful people whose technical judgment might be clouded by irrational fears is legitimate. A single policy enunciation by any one of them, after all, can make or break the life-chances of millions of people around the globe.